The President and CEO of Dangote Group, Aliko Dangote, visited the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, on Thursday in Abuja for a courtesy meeting focused on fostering mutually beneficial partnerships. The meeting, held at the NNPCL Towers, aimed to explore ways to promote healthy competition between Dangote Petroleum Refinery & Petrochemicals and NNPCL, with the goal of enhancing Nigeria’s energy security and driving economic growth.
NNPCL shared the details of the meeting in a post on its official X account. This engagement marks the first official interaction between the two parties since the removal of the former NNPCL GCEO, Mele Kyari, in April and the subsequent appointment of Mr. Ojulari.
Tensions had previously risen between Dangote Group and NNPCL, particularly regarding the implementation of the naira-for-crude oil agreement, which had stalled under the previous management. Sources revealed that the agreement was revived under the new leadership, with NNPCL agreeing to resume crude sales in naira. This development contributed to a reduction in the price of Premium Motor Spirit (petrol), which fell to N915 per litre.
Further tensions arose over NNPCL’s $1 billion equity investment in Dangote’s refinery project amid liquidity challenges. However, NNPCL clarified that the $1 billion crude-backed loan represented only 5% of the total investment in the construction of the 650,000-barrel-per-day refinery.
During the meeting, Dangote underscored the importance of collaboration, emphasizing that synergies in the sector could turn what once seemed impossible into reality. He also commended the new NNPC Ltd. management team for their expertise and professionalism, expressing confidence in their ability to work together for the country’s benefit.
Ojulari responded by praising Dangote for his leadership, describing him as a humble African leader whose achievements continue to inspire the continent. He also noted the exceptional talent he has encountered since taking office at NNPCL and affirmed the company’s commitment to excellence in the energy sector.
Both leaders agreed to serve as direct relationship managers for their respective organizations, pledging to pursue sustained, productive collaboration and healthy competition in the national interest.
